MARCH 2 I YAMAHA I ECONOMY
Yamaha Tightens Costs
Yamaha Corp. of America has implemented several cost-management initiatives to offset the effect of tough economic conditions. The announcement was made on Feb. 27.
Chief among these measures is a reduction of the company’s U.S. workforce by approximately 5 percent.
“Yamaha is not immune to the effects of the economy, and we are feeling the double impact of a worldwide slowdown in consumer spending and the sharp appreciation in the value of the yen,” said Tom Sumner, senior vice president at Yamaha Corp. of America. “Reducing our workforce is extremely difficult, and we had taken every cost-saving measure before resorting to this action. Still, it became necessary for us to resize our company based on the current economic reality.”
Other cost-management actions Yamaha has implemented include a hiring freeze; reductions in travel, entertainment and promotional costs; and organizational and inventory management realignments and consolidations to improve efficiency.
“Despite the current economic challenges we face, I am confident in the strength of our product lines, our management and employee team, and our valued dealers across the country,” Sumner said. “In 2010, Yamaha Corp. of America will have been successful here in the United States for a half a century. Under our One Yamaha initiative, we will continue to deliver value and quality to our customers, and we will emerge from this challenging economy an even stronger industry leader than we are today.” MI